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About State of Maryland

Debt Outstanding as of June 30, 2024:: $10.2 billion
Population:: 6.2 million
2023 Per Capita Income:: $75,391

Conveniently located in the heart of the Mid-Atlantic region, Maryland offers a unique blend of historic charm and modern innovation. Positioned between Baltimore and Washington, D.C., the state consistently ranks among the most affluent, educated, and dynamic communities in the United States. Maryland is home to world-class educational institutions, renowned healthcare facilities, and a thriving economy with access to major industries such as technology, biotechnology, defense, and healthcare.

With a population of over 6 million residents, Maryland boasts a vibrant and diverse economy supported by a strong business environment. The state is home to numerous Fortune 500 companies, federal agencies, and cutting-edge research institutions. Residents and businesses alike enjoy proximity to a wide range of cultural, recreational, and entertainment opportunities, making Maryland a place of both opportunity and quality of life. Maryland continues to serve as an ideal location for investment, business, and growth.

News

June 11, 2025

Maryland Has Successful Sale of $1.6 Billion in General Obligation Bonds

ANNAPOLIS – Maryland State Treasurer Dereck E. Davis announced that the Board of Public Works (BPW), composed of Governor Wes Moore and Treasurer Davis, completed the sale of $1.6 billion of General Obligation bonds earlier this morning. The bonds will fund a variety of capital improvements and grant programs across Maryland and will refinance existing debt for savings. The bonds had an all-in true interest cost (TIC) of 3.55%.

“Today’s successful bond sale underscores the strong demand for Maryland’s bonds and continued investor confidence in the fiscal strength and creditworthiness of our state,” said Treasurer Davis.

The transaction, comprised of $900 million of 2025 Series A Tax-Exempt Bonds and approximately $657 million of 2025 Series B Tax-Exempt Refunding Bonds and broken into four bidding groups, was well received by the market, with six bids received for each group.

Specifically, in today’s competitive sales:

$485,195,000 in Tax-Exempt Bonds (Series A Bidding Group 1), with maturities from 2028 – 2035, received 6 bids and were sold to the winning bidder, Jefferies – LLC, New York, NY, with a TIC of 3.14%;
$414,805,000 in Tax-Exempt Bonds (Series A Bidding Group 2), with maturities from 2036 – 2040, received 6 bids and were sold to the winning bidder, BofA Securities, New York, NY, with a TIC of 4.05%;
$361,995,000 in Tax-Exempt Refunding Bonds (Series B Bidding Group 1), with maturities from 2026 – 2027, received 6 bids and were sold to the winning bidder, Morgan Stanley & Co, LLC, New York, NY with a TIC of 2.81%; and
$294,735,000 in Tax-Exempt Refunding Bonds (Series B Bidding Group 2), with maturities from 2028 – 2029, received 6 bids and were sold to the winning bidder, J.P. Morgan Securities LLC, New York, NY , with a TIC of 2.81%.

The Maryland State Treasurer’s Office expects to conduct the state’s next bond sale in 2026.

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